Updated June 29, 2022 9:34 am ET / Original June 29, 2022 9:31 am ET
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As consumer spending slows, fuel costs rise, and chances of recession remain high, J.P. Morgan tech analysts moved to lower their financial expectations for all companies in their coverage on Wednesday.
Six analysts including Doug Anmuth highlighted companies such as Alphabet (ticker: GOOGL) among the 26 others in their note, pointing to the limited ability of tech companies to offset broader macro trends now versus the 2008 financial crisis. Although he still believes Amazon (AMZN), Booking Holding (BKNG) and Uber (UBER) are best picks even in a downturn given company-specific dynamics such as their leadership positions.